从中物联钢铁物流专业委员会调查、发布的数据来看，2026年1月份钢铁行业PMI为49.9%，虽仍位于 50%以下，但环比上升3.6百分点，接近50%理论临界点，显示钢铁行业虽继续收缩，但收缩势头明显放 缓。分项指数变化显示，供需两端低位回稳运行，但弱势格局仍未改变，原材料价格降势放缓，钢材价 格小幅震荡。预计2月份，受春节假期影响，钢铁行业延续淡季行情，钢铁需求弱势运行，企业生产再 次下降，原材料和产成品价格端呈现小幅震荡态势。 图1 2021年以来钢铁行业PMI变化情况 中物联钢铁物流专委会主任潘富杰认为：1月份，钢铁行业仍处于传统淡季。需求方面，低温及春节临 近共同制约需求释放，但部分基建项目赶工收尾叠加下游行业补库仍贡献一定钢材需求；出口端受政策 及海外需求偏弱影响承压运行，终端需求仍有一定释放，但未形成持续性放量。供给端方面，采暖季环 保限产政策延续但未加码，生产活动收缩态势明显放缓，产量较上月同期有所回升。产成品库存出现累 积，库存压力有所显现。钢厂生产回暖带动采购需求释放，原材料价格有所企稳，钢材价格则随着需求 变化而先升后降。随着春节假期临近，下游停工放假范围扩大，钢铁行业将进入年内需求最淡阶段 ...

罗志恒/文 一、中国货物贸易顺差总体情况：总体持续扩大，主要源自出口强劲 过去二十余年，中国货物贸易顺差整体呈现持续扩张态势。2001年加入WTO后，中国深度嵌入全球分 工体系，逐步确立"世界工厂"地位，出口规模在较长时期内保持快速增长，成为推动货物贸易顺差扩大 的核心动力。海关总署数据显示，2001—2025年，中国货物贸易顺差年均复合增长18%。2025年中国货 物贸易顺差高达11889亿美元，历史上首次破万亿美元，较2024年上升19.8%。货物和服务净出口对 GDP增长的拉动达1.64个百分点，为2007年以来次高，仅次于海外需求激增但全球供应链紧张的2021 年。 贸易顺差反映的是出口与进口规模之间的差额，其变化通常取决于两端的共同作用。中国货物贸易顺差 快速扩张，主要是因为出口保持韧性增长，同时进口增速阶段性放缓。 一方面，中国出口保持强劲韧性。2025年中国出口增长5.5%，预计占全球出口份额将突破15%，创历史 新高。中国出口韧性的背后有两大支撑：一是出口市场布局多元化。2025年中国对美国出口明显下滑， 但对东盟、非洲等非美市场的出口快速增长，有效对冲了对美出口下降带来的缺口。二是出口结构持 ...

证券日报网1月28日讯，中国巨石（600176）在接受调研者提问时表示，今年以来，公司矿石、天然气 等原材料采购价格基本稳定。对于原材料供应风险，公司构建多元化结构和供应渠道，与重要供应商建 立了长期战略合作关系，确保供应稳定，有效降低价格变化风险。 ...

Core Insights - In 2025, the total import and export value between China and Central Asia is expected to exceed $100 billion for the first time, marking a 12% year-on-year growth and establishing China as the largest trading partner for Central Asian countries for five consecutive years [1] Group 1: Trade and Economic Cooperation - The China-Central Asia Trade Facilitation Cooperation Platform aims to enhance trade cooperation, promote industrial collaboration, support educational exports, and strengthen cultural exchanges [4] - The platform has attracted 26 institutions and enterprises from Central Asian countries, including the Kazakhstan Trade Policy Development Center, and is establishing a logistics network covering key nodes in Central Asia [4] - The Jiangsu (Astana) Import and Export Commodity Exhibition in 2025 saw over 60 enterprises showcasing "Jiangsu manufacturing," resulting in contracts worth 800 million yuan [4] Group 2: Digital and E-commerce Development - The platform utilizes digital tools like "Suhao Cloud" and "Suhao Tong" to provide comprehensive services for Central Asian enterprises, addressing challenges in market expansion, supply chain management, and compliance [5] - The "Silk Road E-commerce" initiative has attracted over 500 enterprises, with expectations to exceed 1,000 by the end of the year [5] - The region anticipates a foreign trade import and export total of 60 billion yuan in 2025, with cross-border e-commerce imports and exports expected to grow nearly 200% [5] Group 3: Cultural and Human Exchange - The platform promotes cultural exchanges through initiatives like the "Belt and Road" Youth Forum and the Central Asia Publishing Center, focusing on shared cultural heritage and youth engagement [8] - The development of the "Zhuangguan Tianxia" international district in the Hongshan New City area aims to integrate cultural and economic activities, enhancing the area's global openness [8] Group 4: Future Development Plans - The region plans to strengthen connections with the Hainan Free Trade Port and establish a cross-border payment system, aiming to attract leading enterprises in digital service trade [9] - By 2026, the region will deepen strategic cooperation with Suhao Holdings to position the platform as a hub for open policies towards Central Asia, cross-border finance, and digital trade [9] - The goal is to create a new model of international openness supported by international platforms, infrastructure, and resources [9]

Core Insights - Liaoning Province has 1,077 valid mining rights and 309 valid exploration rights as of November 2025, with a mining workforce exceeding 100,000 and a total mining output value of 69.7 billion yuan, ranking ninth nationally [1] - The implementation of the new Mineral Resources Law since July 1, 2025, has led to significant improvements in mining rights management and approval processes, enhancing clarity, convenience, efficiency, and transparency [1] Group 1: Training and Public Awareness - A specialized training session was organized by the Liaoning Provincial Organization Department to enhance the understanding of the new law, involving over 140 officials from municipal and county governments [3] - The Natural Resources Department conducted training for over 900 personnel and facilitated video learning for more than 2,000 individuals at the municipal and county levels [3] - Various promotional activities were undertaken, including the creation of a mind map for the new law and extensive public outreach through online platforms [3] Group 2: Approval Process Reform - The approval model has shifted from a sequential to a parallel process, allowing enterprises to submit applications directly to the provincial level via the government service network [5] - The number of departments involved in provincial-level mining rights review has been reduced, streamlining the process to eight provincial, four municipal, and five county-level departments [5] - The approval process has transitioned to an online system, enabling "one-stop" services where enterprises can submit electronic materials and track their application status in real-time [5] Group 3: Internal Supervision and Support - A detailed internal supervision system has been established to ensure consistent standards across provincial, municipal, and county levels, with automatic reminders for pending approvals [6] - Technical teams have been deployed to assist enterprises in preparing application materials, improving submission quality and reducing errors [6] - The department has conducted 262 on-site policy clarification sessions to address enterprise concerns and enhance service delivery [6] Group 4: Transition and Legislative Updates - A transitional announcement has been issued to clarify the standards and processes for mining rights services during the transition period, preventing policy gaps [7] - The approval system has been restructured to separate mining rights from administrative licenses, with the first mining rights property certificate issued on September 15, 2025 [8] Group 5: Exploration Rights Cleanup - Since 2024, the department has initiated a cleanup of expired exploration rights, establishing a work ledger to track progress and responsibilities [10] - Ongoing supervision has been implemented to ensure timely exploration activities, with 495 exploration rights cleaned up to date [10] - There are currently 50 exploration rights undergoing the cancellation public notice process, with further cleanup efforts planned [10]

Core Viewpoint - Tangshan Port (601000.SH) expects to achieve a total cargo volume of 242 million tons in 2025, representing a year-on-year growth of 4.1% [1] Group 1: Cargo Volume Breakdown - The expected completion for iron ore is 129 million tons [1] - The expected completion for steel is 15 million tons [1] - The expected completion for coal is 66 million tons [1] - The expected completion for other cargo types is 32 million tons [1]

Core Viewpoint - Tangshan Port (601000.SH) expects to achieve a total cargo throughput of 242 million tons in 2025, representing a year-on-year growth of 4.1% [1] Group 1: Cargo Throughput Breakdown - The expected throughput includes 129 million tons of iron ore [1] - Steel is projected to reach 15 million tons [1] - Coal throughput is anticipated to be 66 million tons [1] - Other cargo types are expected to total 32 million tons [1]

Group 1 - The tailings processing production line of Hong Kong Fulin Company has not yet been completed and put into operation due to the rainy season in Fiji affecting outdoor construction [2] - Fulin Company's previous 20,000 tons of ore processing status and details regarding new ore purchases, including prices and quantities, are considered internal operational information and cannot be disclosed due to compliance and customer confidentiality [2] - The overall sales situation of ore and tailings products will be disclosed in the company's regular reports as per regulations [2] Group 2 - The mining capacity at the Vatukoula Gold Mine is approximately 1,200 tons of raw ore per day, with a tailings processing capacity of about 1,300 tons per day [2]

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - Black varieties, especially coking coal, are experiencing a backlash from last month's overvaluation as delivery pressure is fully manifested; the downside space for rebar and hot - rolled coils is limited, but upward movement requires policy and sentiment fermentation; the focus of iron ore is on the impact of long - term agreement negotiations on the market, showing significant box - like characteristics; the downside space for glass spot is limited, but the futures far - month prices are high, and the near - month is mainly centered around delivery, and cash - and - carry arbitrage can be considered [2]. - Total demand remains insufficient. The era of real estate has passed, infrastructure growth is restricted by various factors, and although exports are booming, they are highly uncertain due to factors like anti - dumping; anti - involution is different from supply - side reform, especially the 2016 supply - side reform in the black industry; iron ore faces significant long - term pressure, and current long - term agreement negotiations are intense; many near - month varieties are not overvalued currently, but the previous overvaluation has led to the current backlash; there are many cold repairs in the glass industry, and although there are seasonal factors, the downside space for spot is limited, but the far - month prices are still overvalued [2]. 3. Summary by Relevant Catalogs Strategy Viewpoints - Black varieties, especially coking coal, are facing a backlash from overvaluation, with delivery pressure fully shown [2]. - The downside space for rebar and hot - rolled coils is small, and upward movement depends on policy and sentiment [2]. - The key for iron ore is the impact of long - term agreement negotiations on the market, presenting box - like features [2]. - The glass spot has limited downside space, the futures far - month prices are high, near - month trading is centered around delivery, and cash - and - carry arbitrage can be considered [2]. Operating Logic - Total demand is insufficient, real estate's heyday is over, infrastructure growth is restricted, and export uncertainty is high due to anti - dumping [2]. - Anti - involution is different from supply - side reform, especially the 2016 reform in the black industry [2]. - Iron ore has significant long - term pressure, and long - term agreement negotiations are tense [2]. - Many near - month varieties are not overvalued now, but previous overvaluation causes the current backlash [2]. - There are many cold repairs in the glass industry, the spot's downside is limited due to seasonality, but far - month prices are still overvalued [2].

Core Points - The article discusses the leaked draft of the third revision of the Mineral Development Agreement (MDA) between ArcelorMittal (AML) and the Liberian government, highlighting AML's efforts to secure near-total control over the Yekepa-Buchanan railway and Buchanan port [1] - The leaked MDA includes a "supremacy clause" that prioritizes the agreement over any conflicting current or future Liberian laws, which could significantly undermine national sovereignty [1] - Despite AML's claims that the new MDA is not intended to grant monopoly status, the revised MDA is projected to generate over $100 million annually for the government [1] - The MDA redefines AML's concession area as a "single production zone" with a single continuous mining license, granting AML control over transportation of ore and related logistics [1] - The concession could be extended for an additional 25 years or more, with a minimal annual fixed mining license fee of $500,000 [1] - AML has historically acted as its own auditor and production reporter, leading to low transparency regarding its contributions to Liberia, while Liberia's stake in the company has decreased from 30% to 15% without clear explanation [1] - The sovereignty of Liberia may hinge on the ability of the National Mining Cooperation Committee (IMCC) to resist the influence of a global mining giant that has navigated through three government changes over nearly two decades [1]